FINWIRES · TerminalLIVE
FINWIRES

Truist表示，CarMax第四季業績符合預期，降價提振銷售但影響獲利。

-- Truist Securities週二在一份報告中指出，CarMax（KMX）第四財季業績符合預期，顯示該公司可以透過更積極的定價策略推動銷售成長，但代價是毛利下降。同時，由於第一季年初的基數較高，同店銷售額有所下滑。 該公司轉向更具競爭力的定價策略，主要透過降低每輛車的售價（GPU）來實現，有助於提升第四季二手車同店銷售。然而，這也導致毛利下降。該公司計劃在2026年和2027年繼續降低每輛車的售價，預計第一季售價將進一步下降，因為其售價已接近歷史最高水準。 CarMax也將年度銷售、一般及行政成本削減目標從1.5億美元提高到近2億美元，但預計這一目標將被更高的薪酬支出基本抵銷。 Truist指出，在提升客戶體驗的同時降低成本可能具有挑戰性，預計2026年年度銷售、管理及行政費用將持平或略有下降，而隨著同業拆借費用恢復正常，2027年將出現更大幅度的下降。 該券商表示，已將2026年和2027年的每股盈餘預期分別從3.10美元和3.50美元下調至2.45美元和3.25美元。 Truist維持對CarMax的「持有」評級，目標價為37美元。 該公司股價週二下跌超過16%。

Price: $40.84, Change: $-8.24, Percent Change: -16.79%

Related Articles

Research

Research Alert: CFRA Keeps Hold Opinion On Shares Of Otis Worldwide Corporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our 12-month target to $90 from $100 following Q1 earnings, valuing OTIS shares at 19.6x our 2027 EPS outlook of $4.58 (down from $4.70; 2026 EPS view updated to $4.18 from $4.25), a modest discount to industrial machinery peers' and OTIS's five-year forward multiple average given unclear timing of ongoing margin headwinds. Service margins were disappointing in Q1 (contracting 160 bps to 23%) amid higher labor and material costs that came in above pricing. Weakness in China has yet to stabilize, though as noted in the past, this represents a shrinking area of OTIS's portfolio and will have a more limited effect going forward. Overall, the latest quarter was more of the same (China weakness/New Equipment decline), though with the added concern of margin quality being pressured within Service - the core profit driver for OTIS overall. While efforts to shore up profitability are underway, we see timing of recovery being uncertain.

$OTIS
Asia Markets

Saudi Shares Start Week Higher; US-Iran Peace Talks Canceled

The Tadawul All Share Index closed Sunday 0.11% higher as investors assessed the latest updates regarding the conflict in the Middle East.US President Donald Trump said on his Truth Social account that the Pakistani trip for his envoys, Steve Witkoff and Jared Kushner, was canceled. The announcement dimmed the hopes for peace talks between Iran and the US to happen any time soon.Further to this, Israel launched an attack in Lebanon on April 25. The strikes, which targeted Hezbollah, resulted in four casualties and facility damage in Southern Lebanon.Back at home, Rabigh Refining and Petrochemical (SASE:2380), d/b/a Petro Rabigh, and Thob Al Aseel (SASE:4012) posted their financial results for the three months ended March 31. Petro Rabigh emerged from a loss in the first quarter, while Thob Al Aseel logged a higher net profit and revenue."The reason for net profit reported during the current quarter compared to a net loss recorded in the same quarter of last year was primarily attributable to improved product margins resulting from stronger refined product pricing and higher sales volumes," Petro Rabigh said in its report.Petro Rabigh rose 10% at closing, while Thob Al Aseel ticked down 1.59%.Meanwhile, the local calendar will be mostly empty except for the kingdom's preliminary figures for its GDP growth rate for the first quarter and the M3 money supply and private bank lending data for March on Thursday.

$^TASI$SASE:2380$SASE:4012
Research

Research Alert: CFRA Maintains Hold Rating On Shares Of United Rentals Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our 12-month target price to $1,100 from $950 following a strong first quarter, valuing shares at 20.5x our 2027 EPS outlook of $54.28 (in line with previous estimate; 2026 EPS also in line). We believe a higher multiple is justified given URI's firming market leadership within an expanding rental equipment industry. A robust Q1 beat enabled URI to raise its full-year revenue guidance to $16.9B-$17.4B and adjusted EBITDA to $7.625B-$7.875B, citing momentum heading into a busy season. With leverage well below historical levels, we believe accretive M&A deals could serve as a potential catalyst for additional guidance increases. Margin compression has been a sticky issue for URI, but Q1 indicated that pricing may have turned around and that headwinds are starting to ease as quarterly results begin to lap when tariff-related inflation began to pick-up. We remain cautious on margins, though are encouraged by signs of stabilization. New project activity is likely supporting pricing trends, in our view.

$URI